Indeed FS. There is no question, despite a rather misleading note issued by NY Flight Standards a little while ago, a "restricted" FAA licence issued on the back of your PPL still requires a BFR.
The only exception to this occurs if the licence on which it is based is itself subject to a BFR which the US finds to be equivalent to its own.
Since JAA licences do not have a BFR as such, this is not an option for us.
2D